Bitcoin Forum
December 18, 2017, 03:34:52 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: More blocks per week, less generated per block... Why not?  (Read 1107 times)
Man From The Future
Sr. Member
****
Offline Offline

Activity: 280


Next.Exchange - Decentralized Stock Market Exchan


View Profile
June 10, 2011, 09:10:31 PM
 #1

Would it not be better if there were more blocks found per week, but each = less generated bitcoins? As then shopping quickly could be faster - things would be confirmed more easily.
What're the technical reasons against this?

Shopping IRL using bitcoins (mobile phone), would be more safe with this, would it not?

Plese explain away my beliefs about this! Tongue

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513568092
Hero Member
*
Offline Offline

Posts: 1513568092

View Profile Personal Message (Offline)

Ignore
1513568092
Reply with quote  #2

1513568092
Report to moderator
1513568092
Hero Member
*
Offline Offline

Posts: 1513568092

View Profile Personal Message (Offline)

Ignore
1513568092
Reply with quote  #2

1513568092
Report to moderator
theymos
Administrator
Legendary
*
expert
Offline Offline

Activity: 2870


View Profile
June 10, 2011, 09:16:22 PM
 #2

Shopping could not be completed faster. If blocks were found twice as fast, then it would take 12 blocks for a transaction to confirm, as each block would be worth half as much.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
Man From The Future
Sr. Member
****
Offline Offline

Activity: 280


Next.Exchange - Decentralized Stock Market Exchan


View Profile
June 10, 2011, 09:51:59 PM
 #3

Oh, thanks! Smiley

Don't know why I was treating 6 as a limit set in stone, when it is obviously relative... Tongue

Garrett Burgwardt
Sr. Member
****
Offline Offline

Activity: 476


View Profile
June 10, 2011, 10:45:55 PM
 #4

6 is just a certain amount of work. Sure you can make blocks be found faster, but it takes less work then. So if you want your TXs to be as secure you'd need to wait the same amount of time.
ByteCoin
Sr. Member
****
expert
Offline Offline

Activity: 416


View Profile
June 10, 2011, 11:36:34 PM
 #5

Shopping could not be completed faster. If blocks were found twice as fast, then it would take 12 blocks for a transaction to confirm, as each block would be worth half as much.
I think if you worked the maths through carefully 12 blocks of half the difficulty would actually be somewhat more secure than 6 blocks at the current difficulty.
Similarly I think that the current scheme is more secure than 3 blocks at twice the difficulty or one block at six times the difficulty.
I think it works a little bit the same way that compound interest using the exponential function is more lucrative than effectively the same rate of simple interest. So 100% simple interest on x after 1 year gives you 2x. 50% interest half-yearly gives 2.25x. 25% quarterly gives 2.44x and the limit is e = 2.7183ish

I don't have time to justify this at the moment. Hopefully I will either revisit this topic or someone else will pick up the torch.

For the practical purposes above, the difference will be small.

ByteCoin
grue
Global Moderator
Legendary
*
Offline Offline

Activity: 2058



View Profile
June 10, 2011, 11:42:40 PM
 #6

The main reason why this isn't implemented is because it would be confusing to most people.

It is pitch black. You are likely to be eaten by a grue.

Tired of annoying signature ads? Ad block for signatures
gigitrix
Hero Member
*****
Offline Offline

Activity: 666


Bitcoins finest!!!


View Profile
June 11, 2011, 01:11:24 AM
 #7

10 minutes per block is more than enough time to let absolutely everything propogate through the network. Make blocks smaller in difficulty and miners will get a lot more stale shares, all bitcoin infrastructure will be a lot more dependent on who has the fastest connections etc. It's a fine balance, and I personally don't have a clue if 5 is sufficient, but I know there is a point where this kind of stuff would cause trouble.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!